Originally Posted by
Wingtip220
Well there's an option. If you want to work past 65, you can fly all of the parked RJ's.
I am not even sure I want to stay past 60, but if I were to stay past 65, I'd have to look hard at my LTD plan.
Mmmm K! In more than 2 decades that I have been sitting to the left or right of pilots who say this I can pretty much guarantee all of them stayed till the mandatory retirement age. Tanker when you get to 60 and voluntarily leave 5 years of your biggest earning potential on the table send an email to me at
[email protected]. I will gladly sell you 5 of the most spectacular miles of that bridge and put a sign up with your name on it at the beginning of your 5 mile stretch.
Yes, in the "more than 2 decades" through the worst time in US airline history, right? Through the lowest payrates, the crappiest contracts and losing pension plans? Understandably, that mentality may apply to all of the guys playing catch up from the lost decade (and a half) and If I were in their shoes, I'd probably stay as well. In theory, we'll have pilots who have the opportunity to be Captains for 25+ years of their careers. $10M+ in earnings easily, plus a 401k potentially worth $7-8M+. 4% rule of $280,000 per year in retirement income? Really?! They'll be in the "biggest earning potential" of their lives for 15 years and will be in a much different place than the CA's of the past. I got hired later in life due to 16 years full-time military, but will have a military pension when I turn 58 worth over $70k a year (equivalent to about $1.2M), adjusted for inflation for life and even if I stopped contributing to my 401k/IRA today, I'd hit the bottom end of my retirement goal window. You can't take your money with you when you die and I sure as hell will not leave my kids millions of dollars. They'll be taken care of if I turn into hydrocarbons, but I am not making them inherited millionaires. They can work for it like I did. I mean, how much do you really need in retirement savings? There's no easy answer to that. Everyone is different, but my goal is $2.5-3M and from my planning, I should be there by 60. I don't anticipate sticking around to play in some weenie swinging contest unless I still need the income to reach my goal. Could that change? Of course....